Tycoon’s sole daughter to transform Chow Tai Fook jewellery chain
Sonia Cheng tasked with company refit after a decade building Rosewood hotels brand
Hong Kong’s Chow Tai Fook Jewellery Group is planning its first major makeover to mark its centenary in 2029 and the woman in charge of the transformation is its vice-chairwoman, Sonia Cheng Chi-man.
The 43-year-old told the Post the family-run business hoped the changes would help it stay ahead in the market and attract a new generation of shoppers, while holding on to loyal customers.
The Harvard-educated mother of five, in her first interview since she became group vice-chairwoman in 2022, said she was looking forward to the transformation of the jewellery business after more than a decade building her family’s Rosewood brand of hotels.
Cheng will overhaul Chow Tai Fook over the next five years to “elevate the brand”, improve customer experience, establish distinctive products and ensure it remains a market leader.
“I see a lot of similarities between Rosewood and Chow Tai Fook Jewellery,” she said. “Both are heritage brands, with a very strong, loyal customer base. Both also share a very strong dedication and commitment to connecting cultures and tradition.”
Cheng is the only daughter of Henry Cheng Kar-shun, 77, chairman of both Chow Tai Fook and property giant
New World Development. He and the family were ranked Hong Kong’s third richest this year by Forbes, with a net worth of US$22.1 billion. Her older brother, Adrian Cheng Chi-kong, 44, is executive vice-chairman and CEO of New World Development, where she is an executive director, and younger brother Brian Cheng Chi-ming, 41, is a non-executive director.
Sonia Cheng said, as a fourthgeneration member of the family dynasty, she viewed her mission to transform the jewellery arm as an effort to pass on its legacy and traditions to her daughters and their children too.
Cheng was decked out in an array of glittering earrings, bracelets and a gold and diamond ring with a motif of “fook”, the Chinese word for good fortune, all part of a collection to mark the group’s 95th anniversary this year.
Chow Tai Fook was founded in Guangzhou in 1929 by entrepreneur Chow Chi-yuen, who grew the business and expanded to Hong Kong. His son-in-law Cheng Yu-tung – Sonia Cheng’s paternal grandfather – took over from him, and phenomenal success followed. The jewellery chain now has almost 8,000 stores, 98 per cent of them on the mainland and the rest in Hong Kong and elsewhere.
Revenue hit HK$49.52 billion, with a net profit of HK$4.55 billion, in the first half of the financial year that ended last September 30.
The group last week announced its overhaul, including a new logo, store renovations, an emphasis on technology-led shopping and the creation of a flagship branch in Shanghai. Shoppers will be able to use a tablet to try on jewellery at stores using augmented reality, a technology designed for interactive experiences.
“The younger generation really appreciates personalised experience,” Cheng said.
Her cousin Conroy Cheng
Chi-heng, 46, is also a vice-chairman at the jewellery firm and they will work together to transform the business and pursue growth in the Asean nations.
Sonia Cheng said Southeast Asia had a strong Chinese community and the brand was well known there.
“We see the opportunity to grow in overseas markets, particularly in Asean countries, where we currently have a presence in Singapore, Thailand, Malaysia and also in Japan and Korea,” she added.
Conroy Cheng said the 400 craftsmen at the group’s factory in Shunde, Guangdong, had embraced technology, with artificial intelligence used in production to help boost efficiency. He added that his and his cousin’s different styles came together and they worked well as a team.
Conroy said he chose to remain behind the scenes and focus on logistics and production, leaving brand management and the spotlight to Sonia. “We always work in harmony,” he said. “It was our grandfather’s motto that we as a family work harmoniously.”
“Even if there are difficult decisions or disagreements, we are able to discuss openly and understand the pros and cons and come to decisions together,” Sonia Cheng added.
She declined to discuss the family’s succession plans, or comment on an unexpected remark her father made last year about the possibility of bringing in outsiders to manage the business empire.
“My father is chairman and oversees the entire family business,” she said. “We are all here to support the family to deliver the company’s goals. That’s what we are focusing on.”
She added she did not see any major decline in confidence in Hong Kong as a global business hub after the domestic national security law came into force in March.
“Hong Kong will take some time to move on from the impact of the 2019 social unrest and the pandemic,” she said. She added that the government should bring in more visitors from overseas to see that the city has not changed, despite the turmoil.
One of a minority of women leaders of Hong Kong blue chip companies, she is married to Ocean Park chairman and wine trader Paulo Pong Kin-yee and they carefully guard the privacy of their five children.
Cheng said she did not believe her father had assigned her to the jewellery and hospitality side of the business because she was a woman, while older brother Adrian was placed in the group’s core property arena.
“I don’t think my assignment was related to gender,” she said. “My interest has always been building brands … I am passionate about building brands.”